Business to Business Marketing that makes sense
What is the difference between B2B and B2C?
Do they both function in similar ways?
Do they use the same strategies and approaches?
Today we take a look at demystifying the above questions and not only creating a clear idea of what Business-to-Business marketing looks like, but also giving a clear understanding of how we can benefit from thinking differently than if we were catering to everyday customers.
According to Hubspot, B2C, or business to consumer/customer, marketing targets the individual. The purchasing power and buyer behavior are therefore determined by the needs of the generalized, global market. B2B marketing is the process of targeting the decision-makers, buyers, and executives of companies. They, therefore, need to make a calculated decision on whether or not your service/product is necessary or valuable for their business.
We notice two clear things here.
B2C seems to have a lower stake than that of B2B, after all, when deciding on what cereal, vehicle, or laptop to buy, the responsibility is usually only placed on a single person. In B2B, this is definitely not the case. Buyers, CEO’s and owners have a lot to consider when making their decision. Will this benefit our company? Is this something we actually need? Are our brands aligned in similar ways? What are the long-term implications of using them as a service?
These are the kind of questions we need to prepare before we design and offer our services/products to other firms.
Think like a business, not a consumer.
In B2B, the definition of value changes. When selling to a customer, luxury and image are in some cases a priority. This is not however the case when selling to a business. According to The Drum, risk is a major driver for the buying decision in business to business marketing. Corporate role players have to asses the benefit in terms of other key areas outside of personal gain. This then leads to a completely different sales funnel and in turn, an alternative marketing focus.
Think like a business, man.
To put it plainly, if you wouldn’t buy the product or service you are offering as an added value for your own business, would the business you are targeting do the same? Do you have a product that’s convincing enough to convince the decision-makers?
Let’s take this a step further:
Even if you would buy the service or product you are offering to your targeted business, how does the other business understand the value the same way you do?
Putting it simply, selling a unique product or service has to come with a convincing background, opportunity, and story. An in-depth article by B2B International, exclaims that B2B products and services are oftentimes more complex than consumer products and services.
That being said, being transparent and value-driven become ever more important in the B2B market.
Selling a product that has REAL value is quickly identified in the B2B market. If you are selling snake oil in this industry, companies will most assuredly notice.
Your customer will focus on the Return on Investment until they see it become reality. Being sure of your product and service as well as how it benefits other firms is crucial. Another aspect, in this case, is that of communication.
Be sure to communicate effectively with your business contacts. Make sure they know what they are buying. Make sure they understand your firm’s corporate culture and most importantly, make sure they understand that there is value in what you are selling.
B2B marketing does not mean having to re-invent the wheel. If anything it means becoming more consistent and focused in your marketing efforts. Being able to think not only as a customer but also as the targeted business owner takes time. It is not impossible however and being able to do so will yield a major return for you and your own business.